In Illinois property taxation, what is equalized assessed value (EAV)?
Correct Answer
D) The assessed value after the state equalization factor is applied, before subtracting qualifying homestead exemptions
Under Illinois property tax law, EAV is calculated by multiplying the local assessed value by the state equalization factor (also called the multiplier). Homestead exemptions are then subtracted from the EAV in a subsequent step to arrive at the taxable value. The equalization factor is applied first; exemptions come after.
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Related Concepts
The closing process, also called settlement, is the final step in a real estate transaction where documents are signed, funds are disbursed, and title is officially transferred from the seller to the buyer.
Constructive notice is the legal presumption that a person has knowledge of information that is available through public records or visible inspection of the property, regardless of whether they actually knew about it.
A deed is a written legal document that conveys (transfers) ownership of real property from one party to another. It must be delivered to and accepted by the grantee to be effective.
More Transfer Of Title Questions
Which type of deed provides the grantee with the greatest protection against title defects from any point in the property's history?
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- → In Oklahoma, real estate documents such as deeds are recorded with which office?
- → Under Arkansas law, what is the realty transfer tax rate charged when real property is conveyed?
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- → Which type of deed provides a buyer with the greatest protection against title defects, including those arising before the grantor's period of ownership?
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